更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Vi e w p o i n t | 20 Mar 2026 08:43:20 ET │ 29 pages Global Gas and Power Insights US energy 'independence' vs. Asia/Europe's dependence on foreign energy, as reflected in prices CITI'S TAKE The contrast between US energy independence vs. Asia and Europe's dependence on foreign energy couldn't be starker during this Middle East conflict. We maintain our downside bias on US Henry Hub natural gas prices due to oversupply but raise global gas prices on LNG supply disruptions. For ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Global Gas & LNG** industry, particularly the impact of the ongoing Iran conflict on LNG exports from the Middle East, which have been halted for nearly three weeks, affecting approximately **20%** of the world's LNG supply [1][3]. Core Insights and Arguments - **Market Disruption**: The closure of the **Strait of Hormuz** has led to a significant supply loss, with expectations of a **4-5 week** outage. This situation is likely to create a market deficit, increasing price volatility and potentially pushing prices up to **$25-30** in the coming weeks if the situation does not improve [3][9]. - **Demand Trends**: Global LNG demand has decreased by **2%** year-over-year in March, with notable declines in **China (-18%)**, **Taiwan (-13%)**, and **India (-30%)**. However, Japan and South Korea have seen increases in demand [11][12]. - **Supply Updates**: - In North America, **Freeport LNG** experienced a power interruption, causing a **60%** drop in feedgas flows, although they have since returned to normal. **LNG Canada** also faced an unplanned outage [4]. - **Peru's LNG exports** were suspended due to a pipeline rupture, but operations resumed shortly after [12]. - **Qatargas Trains 5 & 6** are still operational, which may help in resuming exports once the Strait is accessible [12]. Additional Important Information - **Price Dynamics**: JKM prices are currently about **85%** higher than pre-conflict levels, despite a slight decrease over the past week. The market is sensitive to any further disruptions [9][34]. - **Freight Costs**: Shipping rates have increased significantly, with current rates sitting **81%** above pre-conflict levels, although they have moderated from earlier spikes [28][30]. - **Cargo Diversions**: There have been **8 cargoes** diverted from Europe to Asia, indicating a shift in trade patterns due to the conflict [36]. - **Government Responses**: - In **South Korea**, the government has lifted restrictions on coal-fired power generation to reduce LNG demand, while in **India**, discussions are ongoing with Iran for safe passage of vessels through the Strait of Hormuz [34][36]. - **Bangladesh** is seeking financial support for higher-cost LNG imports and plans to enhance its LNG terminal infrastructure [36]. Conclusion - The ongoing geopolitical tensions in the Middle East are significantly impacting the LNG market, leading to supply shortages and increased prices. The situation remains fluid, with potential for further disruptions and shifts in demand patterns across key regions.

Summary of Global Gas and Power Insights Industry Overview - The report focuses on the Liquefied Natural Gas (LNG) market, particularly the implications of disruptions to Qatar's LNG exports on various countries and the overall market dynamics. Key Countries and Their Exposure - **China and Japan**: Limited exposure to Qatar LNG exports, with only ~6% and ~5% of their gas demand supplied by Qatar in 2025 respectively [6][7]. - **Kuwait**: Most exposed, with over 80% of its total imports coming from Qatar, supplying 43% of its total natural gas demand [8]. - **Pakistan and India**: Sourced 74% and 48% of their LNG imports from Qatar in 2025 [9]. - **Taiwan and Singapore**: Over 30% of their total gas consumption relies on Qatar LNG supplies, making them particularly vulnerable [9]. Price Dynamics - Current TTF and JKM prices are near €60/MWh due to supply disruptions and higher gasoil prices [1]. - If disruptions last longer than expected (4-5 weeks), TTF prices could surge past €100/MWh (close to $35/MMBtu) [3]. - A potential loss of 20 billion cubic meters (bcm) of LNG supply could occur if liquefaction operations in the Middle East or the Strait of Hormuz are completely disrupted [1]. Market Reactions and Predictions - The LNG price ceiling is being lifted by higher gasoil prices, which have surged due to refinery run cuts and potential hoarding of oil and petroleum products [2][21]. - Demand destruction is expected to mitigate the net global LNG supply loss, with China likely to refrain from buying spot cargoes due to high prices and tepid domestic demand [10]. Additional Insights - In 2025, only ~3% of Europe's gas demand was supplied by Qatar LNG, with 37% of Europe's gas consumption coming from LNG imports, predominantly from the US [9]. - The report indicates that high LNG prices will likely lead to a switch from gas to coal and oil products, driving up prices in those markets as well [10]. Conclusion - The report highlights the significant impact of geopolitical tensions on the LNG market, particularly regarding Qatar's exports, and outlines the varying levels of dependency among different countries. The potential for price surges and shifts in demand patterns underscores the need for stakeholders to closely monitor these developments.

Financial Performance - As of September 30, 2025, the Company generated $33,012 in revenue for the nine months, compared to $0 for the same period in 2024[115] - General and administrative expenses increased by 17% to $142,286 for the three months ended September 30, 2025, compared to $121,207 for the same period in 2024[113] - The net loss for the three months ended September 30, 2025, was $161,170, representing a 30% increase from the net loss of $123,954 in the same period of 2024[113] - The Company had $48,307 in cash and cash equivalents and a working capital deficit of $307,470 as of September 30, 2025[121] - Net cash used in operating activities for the nine months ended September 30, 2025, was $63,632, a significant improvement compared to $1,265,884 for the same period in 2024[125][126] - The change in fair value of derivative warrant liabilities for the nine months ended September 30, 2025, was a loss of $8,090, compared to a gain of $357,080 in the same period of 2024[120] - The Company incurred $11,220 in interest expense for the nine months ended September 30, 2025, compared to $0 for the same period in 2024[119] Business Strategy - The Company is targeting both privately- and publicly-funded hydrogen development projects, supported by government incentives in North America and Western Europe[108] - The growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and improve pricing competitiveness[108] - The Company plans to own and operate hydrogen generation plants and sell the resulting industrial gas, requiring relevant licensing on a project-by-project basis[142] Regulatory and Compliance - Compliance with government regulations is necessary for the construction of hydrogen production facilities, including local zoning and permitting requirements[144] - The company is classified as an "emerging growth company" and has elected to take advantage of an extended transition period for complying with new or revised accounting standards[139] Challenges and Intellectual Property - The Company has not yet successfully closed on any project, indicating ongoing challenges in contract negotiations[109] - The company does not currently hold material intellectual property beyond certain logos and domain names[141] Environmental Initiatives - The company intends to deploy carbon recovery systems to significantly reduce or eliminate CO2 emissions during hydrogen production[143]

Summary of Global LNG Conference Call Industry Overview - The conference call focused on the global LNG (Liquefied Natural Gas) market, discussing potential oversupply risks and pricing dynamics in the coming years [1][2]. Key Points 1. Potential Oversupply Risks - Investors are concerned that oversupply in the LNG market could emerge as early as late 2026 or 2027, earlier than the forecasted 2028 [2][9]. - Approximately 100 million tons per annum (Mtpa) of new capacity is expected to come online in 2026-2027, but a cautious view is taken, modeling effective capacity growth at an average of 38 Mt/year through 2027 [2][9]. 2. US LNG Exposure to Oversupply - US LNG is seen as more vulnerable to oversupply risks due to rising uncontracted volumes and higher structural costs [3][15]. - The share of uncontracted global LNG is projected to rise to 47% by 2030, up from 37% in 2025, with US uncontracted volumes expected to reach 24% [3][16]. - The longer shipping routes from the US to Asia add costs, making Qatari LNG delivery cheaper by $0.8-0.9/mmBtu [3][16]. 3. Price Decline Expectations - There is a consensus among investors that gas prices are likely to trend lower, with expectations of JKM at $8/mmBtu and TTF at $7/mmBtu by 2030 [4][26]. - Seasonal price dynamics are anticipated, with summer prices potentially falling below annual averages [4][26]. 4. Supply Momentum and FIDs - An additional 29 Mtpa of projects have reached Final Investment Decisions (FIDs), bringing total FIDs to over 70 Mtpa, with potential to reach 80 Mtpa this year [5][40]. - Key factors influencing supply include Russian gas dynamics and China's LNG demand amid geopolitical tensions [5][42]. 5. Shipping Costs and Market Dynamics - Current shipping rates are below the five-year average, but a tightening is expected due to market growth and the scrapping of older vessels [8][30]. - Shipping costs to Asia are projected to rise to over $2/mmBtu by 2030, influenced by congestion and route disruptions [30][31]. 6. Geopolitical Factors - The EU's sanctions on Russian LNG imports starting January 2027 are expected to significantly reduce dependency on Russian gas [42]. - China's LNG demand will be influenced by the upcoming 15th Five-Year Plan and developments in Russian gas projects [45]. Additional Insights - A mild winter in 2025/26 could lead to higher end-season storage levels, reducing the need for summer LNG injections [10]. - The anticipated increase in US gas-fired generation capacity in 2027-28 is expected to support demand despite lower liquefaction utilization rates [27][28]. This summary encapsulates the critical insights from the conference call regarding the global LNG market, highlighting potential risks, pricing expectations, and geopolitical influences that could shape the industry's future.

[Part I - Financial Information](index=4&type=section&id=Part%201%20-%20Financial%20Information) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents the Company's unaudited condensed consolidated financial statements and explanatory notes for periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20(Unaudited)%20and%20December%2031%2C%202024) Details the Company's financial position, including assets, liabilities, and stockholders' deficit, for the reported periods - **Total Assets decreased significantly by 62.81%** from $264,729 at December 31, 2024, to $98,457 at June 30, 2025[10](index=10&type=chunk) - **Total Liabilities decreased by 44.85%** from $710,619 to $391,897, while **Total Stockholders' Deficit improved by 34.19%** from $(445,890) to $(293,440)[10](index=10&type=chunk) Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------------------ | :------------------ | :--------- | :--------- | | Cash and cash equivalents | $83,772 | $114,146 | $(30,374) | -26.61% | | Deposit | $0 | $144,000 | $(144,000) | -100.00% | | Prepaid expenses and other receivables | $14,685 | $6,583 | $8,102 | 123.07% | | **Total Current Assets** | **$98,457** | **$264,729** | **$(166,272)** | **-62.81%** | | **TOTAL ASSETS** | **$98,457** | **$264,729** | **$(166,272)** | **-62.81%** | | Accounts payable – related party | $0 | $124,867 | $(124,867) | -100.00% | | Accounts payable and accrued expenses | $99,077 | $75,209 | $23,868 | 31.74% | | Deferred Revenue | $0 | $207,436 | $(207,436) | -100.00% | | Advances – related party | $0 | $2,207 | $(2,207) | -100.00% | | Convertible promissory notes – related parties | $273,950 | $273,950 | $0 | 0.00% | | **Total Current Liabilities** | **$373,027** | **$683,669** | **$(310,642)** | **-45.44%** | | Derivative warrant liabilities | $18,870 | $26,950 | $(8,080) | -29.98% | | **TOTAL LIABILITIES** | **$391,897** | **$710,619** | **$(318,722)** | **-44.85%** | | Accumulated deficit | $(307,482) | $(446,808) | $139,326 | -31.18% | | **Total stockholders' deficit** | **$(293,440)** | **$(445,890)** | **$152,450** | **-34.19%** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20(Unaudited)) Presents the Company's revenues, expenses, and net income for the three and six months ended June 30, 2025, and 2024 - **Net Income for the six months ended June 30, 2025, decreased by 39%** to $139,326 from $226,691 in the prior year period[13](index=13&type=chunk) - **Revenue for the six months ended June 30, 2025, was $33,012**, compared to $0 in the same period of 2024[13](index=13&type=chunk) Condensed Consolidated Statements of Operations Highlights | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Revenues | $0 | $0 | $33,012 | $0 | | General and administrative | $35,805 | $71,095 | $97,931 | $148,254 | | Loss from operations | $(35,805) | $(71,095) | $(64,919) | $(148,254) | | Other income | $202,173 | $0 | $202,173 | $0 | | Interest income | $874 | $4,909 | $1,759 | $12,475 | | Interest expense | $(3,414) | $0 | $(7,767) | $0 | | Change in fair value of derivative warrant liabilities | $4,040 | $471,620 | $8,080 | $362,470 | | Total other income, net | $203,673 | $476,529 | $204,245 | $374,945 | | Net Income | $167,868 | $405,434 | $139,326 | $226,691 | | Net income per Class A common stock, basic and diluted | $0.02 | $0.05 | $0.02 | $0.03 | | Net income per Class B common stock, basic and diluted | $0.02 | $0.05 | $0.02 | $0.03 | [Condensed Consolidated Statements of Changes in Stockholders' Deficit](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20(Unaudited)) Outlines changes in the Company's stockholders' deficit, including common stock, additional paid-in capital, and accumulated deficit - **Total Stockholders' Deficit improved** from $(445,890) at December 31, 2024, to $(293,440) at June 30, 2025, primarily due to net income[14](index=14&type=chunk) - **Stock-based compensation added $13,124 to additional paid-in capital** for the six months ended June 30, 2025[14](index=14&type=chunk) Condensed Consolidated Statements of Changes in Stockholders' Deficit Highlights | Metric | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :-------------------------- | :---------------- | :--------------- | :-------------- | | Class A Common Stock Shares | 6,478,256 | 6,478,256 | 6,478,256 | | Class A Common Stock Amount | $648 | $648 | $648 | | Class B Common Stock Shares | 2,700,000 | 2,700,000 | 2,700,000 | | Class B Common Stock Amount | $270 | $270 | $270 | | Additional Paid-in Capital | $0 | $6,526 | $13,124 | | Accumulated Deficit | $(446,808) | $(475,350) | $(307,482) | | **Total Stockholders' Deficit** | **$(445,890)** | **$(467,906)** | **$(293,440)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024%20(Unaudited)) Details the Company's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 - **Net cash used in operating activities significantly decreased** from $(1,119,544) in H1 2024 to $(28,167) in H1 2025[18](index=18&type=chunk) - **Net cash flows from financing activities shifted** from $275,000 provided in H1 2024 to $(2,207) used in H1 2025[18](index=18&type=chunk) Condensed Consolidated Statements of Cash Flows Highlights | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :------------------------------------------------ | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net cash and cash equivalents used in operating activities | $(28,167) | $(1,119,544) | $1,091,377 | -97.49% | | Net cash and cash equivalents (used in) provided by financing activities | $(2,207) | $275,000 | $(277,207) | -100.80% | | Net change in cash and cash equivalents | $(30,374) | $(844,544) | $814,170 | -96.40% | | Cash and cash equivalents, beginning of period | $114,146 | $1,183,328 | $(1,069,182) | -90.35% | | Cash and cash equivalents, end of period | $83,772 | $338,784 | $(255,012) | -75.28% | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements and accounting policies [1. Organization and Business Operations](index=8&type=section&id=1.%20ORGANIZATION%20AND%20BUSINESS%20OPERATIONS) Describes the Company's nature of business, its status as a hydrogen and carbon recovery project developer, and key corporate events - Global Gas Corporation is a nascent pure-play hydrogen and carbon recovery project developer and industrial gas supplier, focusing on low-carbon and clean hydrogen, pure carbon dioxide, and other gases from various feedstocks[20](index=20&type=chunk) - The Company's securities were **delisted from Nasdaq on June 25, 2024**, due to non-compliance with listing standards and now trade on the OTCQB market[22](index=22&type=chunk) - A **reverse recapitalization business combination with Global Hydrogen Energy LLC** was consummated on December 21, 2023, with Global Hydrogen treated as the accounting acquirer[23](index=23&type=chunk)[28](index=28&type=chunk) [Going Concern](index=11&type=section&id=Going%20Concern) Addresses the Company's ability to continue operations, highlighting liquidity challenges and the need for additional financing - As of June 30, 2025, the Company had **$83,772 in cash**, a **working capital deficit of $274,570**, and an **accumulated deficit of $307,482**, raising substantial doubt about its ability to continue as a going concern for the next twelve months[35](index=35&type=chunk)[37](index=37&type=chunk) - Future capital requirements depend on revenue growth and spending, necessitating additional financing, likely through equity issuances, which may not be available on acceptable terms[36](index=36&type=chunk) [3. Summary of Significant Accounting Policies](index=12&type=section&id=3.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines the key accounting principles and methods used in preparing the condensed unaudited consolidated financial statements - The condensed unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information[38](index=38&type=chunk) - The Company is an "emerging growth company" and has elected to use the extended transition period for complying with new or revised financial accounting standards[41](index=41&type=chunk)[42](index=42&type=chunk) - Revenue is generated through product resale and recognized when the customer obtains control; for the six months ended June 30, 2025, **$33,012 of revenue was recognized on a net basis**, indicating the Company acted as an agent[57](index=57&type=chunk) [4. Accounts Payable and Accrued Expenses](index=18&type=section&id=4.%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20EXPENSES) Details the composition and changes in the Company's accounts payable and accrued expenses as of June 30, 2025, and December 31, 2024 - **Total accounts payable and accrued expenses increased by 31.74%** from $75,209 at December 31, 2024, to $99,077 at June 30, 2025[63](index=63&type=chunk) Accounts Payable and Accrued Expenses Summary | Category | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :---------------------- | :------------ | :---------------- | :--------- | :--------- | | Accounting and Consulting | $12,531 | $4,277 | $8,254 | 192.99% | | Legal Fees | $35,000 | $39,560 | $(4,560) | -11.53% | | Transaction costs | $12,561 | $12,561 | $0 | 0.00% | | Others | $38,985 | $18,811 | $20,174 | 107.24% | | **Total** | **$99,077** | **$75,209** | **$23,868** | **31.74%** | [5. Related Party Transactions](index=18&type=section&id=5.%20RELATED%20PARTY%20TRANSACTIONS) Describes transactions and balances with related parties, including advances, accounts payable, and convertible promissory notes - The Company repaid **$707 in advances to a related party** during the six months ended June 30, 2025, reducing the balance to $0[64](index=64&type=chunk) - **Accounts payable to related parties decreased from $124,867** at December 31, 2024, to $0 at June 30, 2025[65](index=65&type=chunk)[66](index=66&type=chunk) - Two **convertible promissory notes totaling $273,950** from related parties were outstanding at June 30, 2025, accruing 5% non-cash interest and convertible into Class A common stock at $0.15 per share[67](index=67&type=chunk)[68](index=68&type=chunk) [6. Stockholders' Equity](index=22&type=section&id=6.%20STOCKHOLDERS'%20EQUITY) Provides details on the Company's common stock, warrants, and other components of stockholders' equity - As of June 30, 2025, there were **6,478,256 shares of Class A common stock** and **2,700,000 shares of Class B common stock** issued and outstanding[73](index=73&type=chunk)[74](index=74&type=chunk) - Holders of Class A common stock are entitled to dividends, while Class B common stock holders are not, and Class B shares were subject to forfeiture agreements[76](index=76&type=chunk)[96](index=96&type=chunk) - The Company had **8,625,000 Public Warrants** and **4,850,000 Private Placement warrants** outstanding at June 30, 2025, exercisable at $11.50 per share[78](index=78&type=chunk) [7. Fair Value Measurements](index=27&type=section&id=7.%20FAIR%20VALUE%20MEASUREMENTS) Explains the methodologies and classifications used for measuring the fair value of financial instruments, particularly derivative warrant liabilities - **Total derivative warrant liabilities decreased by 29.98%** from $26,950 at December 31, 2024, to $18,870 at June 30, 2025[99](index=99&type=chunk) - All warrant liabilities are classified as **Level 1 in the fair value hierarchy**, measured using quoted prices in active markets[99](index=99&type=chunk)[100](index=100&type=chunk) Derivative Warrant Liabilities Fair Value | Liability Category | June 30, 2025 (Level 1) | December 31, 2024 (Level 1) | Change ($) | Change (%) | | :----------------------------------- | :---------------------- | :-------------------------- | :--------- | :--------- | | Derivative warrant liabilities – public | $12,080 | $17,250 | $(5,170) | -29.97% | | Derivative warrant liabilities – private placement | $6,790 | $9,700 | $(2,910) | -29.99% | | **Total liabilities** | **$18,870** | **$26,950** | **$(8,080)** | **-29.98%** | [8. Stock Based Compensation](index=28&type=section&id=8.%20STOCK%20BASED%20COMPENSATION) Details the stock-based compensation expense recognized and the status of restricted share grants - **Stock-based compensation expense for the six months ended June 30, 2025, was $13,124**, included in general and administrative expenses[102](index=102&type=chunk) - As of June 30, 2025, there was **$0 remaining unrecognized stock-based compensation expense**[102](index=102&type=chunk) - **1,050,000 restricted shares were granted in 2024**, with no activity during the six months ended June 30, 2025[103](index=103&type=chunk) [9. Commitments and Contingencies](index=28&type=section&id=9.%20COMMITMENTS%20AND%20CONTINGENCIES) Discusses potential future obligations and legal matters, including the impact of lawsuits and tax refunds - Management does not expect current lawsuits and legal proceedings to have a **material adverse effect** on the Company's financial position or results of operations[104](index=104&type=chunk) - In April 2025, the Company received a **$202,173 refund for overpaid 2023 Delaware franchise taxes**, recorded as other income[105](index=105&type=chunk) [10. Subsequent Events](index=28&type=section&id=10.%20SUBSEQUENT%20EVENTS) Reports on events occurring after the balance sheet date that may require disclosure or adjustment to the financial statements - Management evaluated subsequent events through August 12, 2025, and found **no events requiring adjustment** to the condensed unaudited consolidated financial statements[106](index=106&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's analysis of the Company's financial performance, condition, liquidity, capital resources, and critical accounting estimates [Overview](index=29&type=section&id=Overview) Introduces Global Gas Corporation as a hydrogen and carbon recovery project developer and outlines its growth strategy - Global Gas Corporation is a nascent pure-play hydrogen and carbon recovery project developer and industrial gas supplier, building a project development pipeline for low-carbon and clean hydrogen and pure carbon dioxide[109](index=109&type=chunk) - The Company's growth strategy focuses on placing modular generation, recovery, storage, and dispensing solutions closer to customers and producing multiple outputs from single feedstocks, leveraging government incentives like the Inflation Reduction Act of 2022[112](index=112&type=chunk) - Global Hydrogen has not yet successfully closed on any projects, and future operating results are dependent on signing contracts and managing project complexities[113](index=113&type=chunk)[115](index=115&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Analyzes the Company's financial performance, including revenue, expenses, and net income, for the reporting periods - **Revenue for the six months ended June 30, 2025, was $33,012** from one project, compared to $0 in the prior year period[118](index=118&type=chunk)[119](index=119&type=chunk) - **Net income for the six months ended June 30, 2025, decreased by 39%** to $139,326 from $226,691 in the same period of 2024[118](index=118&type=chunk) - **General and administrative expenses decreased by $50,323 (34%)** for the six months ended June 30, 2025, primarily due to lower franchise tax, legal, and professional fees[121](index=121&type=chunk) - A **$202,173 refund of Delaware franchise taxes** was recognized as other income during the three and six months ended June 30, 2025[120](index=120&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the Company's ability to meet its short-term and long-term financial obligations and its capital-raising efforts - As of June 30, 2025, the Company had **$83,772 in cash**, a **working capital deficit of $274,570**, and an **accumulated deficit of $307,482**[125](index=125&type=chunk) - Management has determined that the Company's liquidity condition raises **substantial doubt about its ability to continue as a going concern** for the next twelve months[128](index=128&type=chunk) - **Net cash used in operating activities for the six months ended June 30, 2025, was $(28,167)**, a significant improvement from $(1,119,544) in the prior year[129](index=129&type=chunk)[130](index=130&type=chunk) - **Net cash flows from financing activities shifted** from $275,000 provided in H1 2024 to $(2,207) used in H1 2025[129](index=129&type=chunk)[132](index=132&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) Identifies accounting estimates that require significant judgment and can materially impact the financial statements - The preparation of financial statements requires significant judgments, estimates, and assumptions, particularly for the **fair value measurement of warrant liabilities**[45](index=45&type=chunk)[133](index=133&type=chunk) - Fair value of financial assets and liabilities is determined using the ASC 820 hierarchy, with **warrant liabilities classified as Level 1** based on active market prices[136](index=136&type=chunk)[140](index=140&type=chunk) - **Stock-based compensation costs are measured at the fair value** of equity instruments issued at the grant date, in accordance with FASB ASC No. 718[137](index=137&type=chunk) [New Accounting Pronouncements](index=35&type=section&id=New%20Accounting%20Pronouncements) Discusses recently issued accounting standards and their potential impact on the Company's financial reporting - As an "emerging growth company," the Company has elected to use the extended transition period for complying with new or revised accounting standards, which may affect comparability with other public companies[143](index=143&type=chunk) - The Company adopted ASU 2023-07, "Segment Reporting," effective December 31, 2024, with no impact on reportable segments, and is evaluating ASU 2023-09, "Income Taxes"[61](index=61&type=chunk)[62](index=62&type=chunk) [Intellectual Property](index=35&type=section&id=Intellectual%20Property) Describes the Company's current intellectual property holdings and strategy - Global Hydrogen currently holds **no material intellectual property** beyond certain logos and domain names[145](index=145&type=chunk) [Government Regulation](index=36&type=section&id=Government%20Regulation) Discusses the regulatory environment affecting the Company's operations, including licensing, emissions, and construction compliance - The Company will need to obtain relevant licenses for producing, storing, and selling hydrogen, oxygen, and other gases on a project-by-project and jurisdiction-by-jurisdiction basis[146](index=146&type=chunk) - Plans include deploying carbon recovery systems to reduce or eliminate CO2 emissions from thermochemical hydrogen production to comply with jurisdictional limits[147](index=147&type=chunk) - Construction of hydrogen generation plants and distribution of gases will require compliance with local zoning, permitting, and federal/state regulatory regimes[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) States that the Company, as a smaller reporting company, is exempt from providing quantitative and qualitative disclosures about market risk - The Company is a smaller reporting company and is therefore **not required to provide quantitative and qualitative disclosures about market risk**[149](index=149&type=chunk) [Item 4. Controls And Procedures](index=36&type=section&id=Item%204.%20Controls%20And%20Procedures) Details the Company's disclosure controls and procedures, acknowledging inherent limitations, and concludes on their effectiveness - Management acknowledges that controls and procedures provide only reasonable, not absolute, assurance due to resource constraints and judgment in cost-benefit evaluation[150](index=150&type=chunk)[151](index=151&type=chunk) - As of June 30, 2025, the Company's management, including the chief executive officer and chief financial officer, concluded that **disclosure controls and procedures were effective** at the reasonable assurance level[152](index=152&type=chunk) [Part II - Other Information](index=37&type=section&id=Part%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Reports that no currently pending legal claims or lawsuits are considered material or expected to have a material adverse effect - The Company does not consider any current claims, lawsuits, or proceedings to be **material or likely to result in a material adverse effect** on its future operating results, financial condition, or cash flows[154](index=154&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) Discloses that no Rule 10b5-1 trading arrangements were adopted or terminated by the Company, its directors, or officers - During the quarter ended June 30, 2025, neither the Company nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangements[155](index=155&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including required certifications and XBRL financial data - The exhibits include certifications (CEO, CFO, Section 906) and XBRL formatted financial statements (Condensed Consolidated Balance Sheets, Statements of Operations, Statements of Changes in Stockholders' Equity, Statements of Cash Flows, and Notes) for the quarter ended June 30, 2025[157](index=157&type=chunk) [Signatures](index=38&type=section&id=Signatures) - The report was signed on August 12, 2025, by Carter Glatt, Chairman and Principal Executive Officer, and Shachi Shah, Chief Financial Officer and Principal Accounting and Financial Officer[159](index=159&type=chunk)[161](index=161&type=chunk)

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the Global Gas & LNG industry, particularly the dynamics of LNG supply and demand in the context of recent weather patterns and geopolitical developments. Core Insights and Arguments 1. **Weather Impact on LNG Demand**: Hotter weather in Northeast Asia in July led to a recovery in LNG imports, with China's imports flat compared to 2024 levels, contrasting with a -19% year-over-year decline in the first half of 2025 [3][8][45] 2. **European LNG Storage**: Despite some LNG being diverted to Asia, European storage levels continued to fill at a healthy rate, with inventories sitting at approximately 66%, below last year's 84% and the 2015-2023 average of 73% [49] 3. **Global Supply Dynamics**: Global LNG supply is expected to rise, with North America leading the way. The global export capacity utilization was strong at around 94% in July, compared to 82% a year ago [4][62] 4. **Price Forecasts**: The forecast for the Japan Korea Marker (JKM) remains unchanged at $13/mmbtu for the second half of 2025, with expectations of softening prices in 2026 and beyond as new capacity comes online [3][12] 5. **Geopolitical Risks**: The potential for secondary tariffs on Russian LNG, which accounts for about 8% of global supply, poses a risk worth monitoring, although supply disruptions are not expected [27] Additional Important Insights 1. **Regional Demand Trends**: Global LNG demand (excluding Europe) is down 3% year-to-date compared to 2024, with notable declines in China (-17%), India (-11%), and Japan (-1%). However, South Korea has seen a 2% increase in imports [9][51] 2. **New Capacity Developments**: New LNG projects in the U.S. are progressing ahead of schedule, with significant contracts signed in 2025, particularly with Asian buyers [14][16] 3. **Contracting Activity**: LNG contracting accelerated in the second quarter of 2025, with Asian buyers accounting for over half of the new contracts signed year-to-date [16] 4. **Inflation in Project Costs**: U.S. project costs have seen approximately 10% inflation over the past year, impacting the pricing of new project engineering, procurement, and construction (EPC) contracts [21] 5. **Long-term Supply Outlook**: The U.S. is projected to add around 95 million tons per annum (mtpa) of global supply over the next five years, contingent on further final investment decisions (FIDs) [24] Conclusion The conference call highlighted the interplay between weather patterns, geopolitical risks, and market dynamics in the Global Gas & LNG industry. The insights provided a comprehensive overview of current trends, future forecasts, and potential risks that investors should consider when evaluating opportunities in this sector.

Financial Performance - For the three months ended March 31, 2025, the Company generated revenue of $33,012, compared to $0 for the same period in 2024, marking a significant increase [120][121]. - General and administrative expenses decreased by $15,033, or 19%, for the three months ended March 31, 2025, compared to the same period in 2024 [122]. - The operating loss for the three months ended March 31, 2025, was $29,114, a reduction of $48,045, or 62%, from the loss of $77,159 in the same period in 2024 [120]. - The Company reported a net loss of $28,542 for the three months ended March 31, 2025, which is a decrease of $150,201, or 84%, compared to a net loss of $178,743 in the same period in 2024 [120]. - Net cash used in operating activities for the three months ended March 31, 2025, was $39,413, a significant improvement compared to $1,021,806 for the same period in 2024 [130][131]. - The change in fair value of warrant liabilities was $4,040 for the three months ended March 31, 2025, compared to $(109,150) for the same period in 2024, indicating a substantial improvement [125]. Liquidity and Financial Condition - As of March 31, 2025, the Company had $74,026 in cash and cash equivalents, with a working capital deficit of $444,996 and an accumulated deficit of $475,350 [126]. - The Company incurred interest expense of $4,353 for the three months ended March 31, 2025, compared to $0 for the same period in 2024 [124]. - Management has determined that the Company's liquidity condition raises substantial doubt about its ability to continue as a going concern for the next twelve months [129]. Future Plans and Operations - The Company intends to raise additional financing through equity issuances to support future operations and growth [128]. - The Company plans to own and operate hydrogen generation plants, requiring relevant licensing for production, storage, and sale of gases [146]. - The Company intends to deploy carbon recovery systems to reduce CO2 emissions below jurisdictional limits during hydrogen production [147]. Regulatory and Compliance - Compliance with government regulations, including local zoning and permitting, is necessary for the construction of hydrogen production facilities [148]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of certain accounting standards [143]. - The Company does not currently hold material intellectual property beyond logos and domain names [145].

Revenue Generation and Financial Performance - Global Hydrogen has not yet generated any revenue and does not anticipate generating revenue from the sale of systems and equipment to customers in 2025[189]. - As of December 31, 2024, the Company has not generated any revenue and incurred total expenses of $409,027, a decrease of 35% compared to $551,983 for the period from February 16, 2023, to December 31, 2023[202][203]. - The Company reported a net loss of $300,176 for the year ended December 31, 2024, which is a 56% increase compared to a net loss of $130,700 for the previous period[203]. - The Company had $114,146 in cash and cash equivalents and a working capital deficit of $418,940 as of December 31, 2024[208]. - Net cash used in operating activities for the year ended December 31, 2024 was $1,344,037, significantly higher than $159,196 for the previous period[212][213]. - The Company provided $274,855 in net cash from financing activities during the year ended December 31, 2024, compared to $1,342,524 in the previous period[215][216]. - The change in fair value of warrant liabilities was $107,800 for the year ended December 31, 2024, a decrease of 275% from $404,250 in the previous period[207]. - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months due to liquidity concerns[211]. Business Operations and Strategy - The Business Combination was consummated on December 21, 2023, resulting in the company changing its name to Global Gas Corporation and its Class A Common Stock beginning to trade on Nasdaq[194]. - The Business Combination was structured as a reverse recapitalization, treating Global Hydrogen as the accounting acquirer for financial statement reporting purposes[198]. - Global Hydrogen is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks[185]. - The company aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators[187]. - Global Hydrogen plans to utilize government incentives, such as hydrogen tax production credits and investment tax credits, to support its project development[188]. - The company has established relationships with independent equipment suppliers but has not yet finalized contracts with paying customers or suppliers[185]. - The company is targeting both privately- and publicly-funded hydrogen development projects, including those supported by various government levels in North America and Western Europe[185]. - Global Hydrogen's growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and enhance competitiveness[188]. Compliance and Regulatory Considerations - Hydrogen production may involve compliance with government regulations regarding CO2 emissions, with carbon recovery systems deployed to reduce emissions below jurisdictional limits[236]. - Construction of hydrogen production facilities will require compliance with local zoning and permitting requirements, varying by jurisdiction[237]. - The company plans to own and operate hydrogen generation plants and sell the resulting industrial gas, requiring relevant licensing on a project-by-project basis[235]. Other Considerations - A total of 1,600,000 shares of Class B common stock were forfeited by certain holders as part of Forfeiture Agreements, leaving them with 2,700,000 shares[200]. - General and administrative expenses increased by $143,350, primarily due to stock-based compensation, franchise tax, legal, and professional fees[204]. - The Company has not generated significant user data or insights as it has not commenced revenue-generating operations[202]. - Global Hydrogen does not hold material intellectual property beyond certain logos and domain names[234].

Summary of Global Gas Research Conference Call Industry Overview - The report focuses on the **European gas storage** situation as of February 11, 2025, highlighting a significant decline in storage levels compared to historical averages and previous years [2][16]. - The **US gas market** is also discussed, with updates on underground storage and supply-demand dynamics [3]. Key Points and Arguments European Gas Storage - As of February 11, European gas storage was **47% full**, equating to **49 billion cubic meters (bcm)**, which is **5% below the 5-year average** and **20% lower than in 2024** [2]. - The rate of net withdrawals has accelerated to **-4.2 bcm**, up from **-2.1 bcm** a year ago and the 5-year average of **-3.7 bcm** [2]. - The estimated exit storage levels are projected to be in the **high-30s%**, compared to **58%** at the end of March 2024 and **41%** of the 5-year average [2]. - To meet the EU's storage target of **77%**, a minimum of **~155 bcm** of LNG is required, which is an increase of **17 bcm** year-over-year [2]. - Germany has requested exemptions from storage filling targets for the current year [2]. US Gas Market - The EIA reported a **100 Bcf** week-over-week decrease in underground storage, bringing total inventories to **2,297 Bcf**, which is **3% below the 5-year average** [3]. - Storage utilization in the US stands at **54%**, below the 5-year average of **56%** [3]. - The **Lower 48 supply** for 2025 has been upgraded to **112.5 Bcf/d**, while demand is raised to **113.2 Bcf/d**, indicating an average undersupply of **0.7 Bcf/d** in 2025 [3]. Price Dynamics - The Dutch TTF price dropped sharply by **7%** to the low-€50s/MWh, influenced by increased optimism regarding US-Russia talks [4]. - Despite the winter's end approaching, higher European gas prices are anticipated at around **€40**, compared to **€35** in 2024, due to increased refilling demand [4]. - US Henry Hub prices remain elevated at **$3.7/mmBtu**, with a revised price outlook for 2025 raised to **$3.61/mmBtu** from **$3.35/mmBtu** [4]. - Asian JKM prices have also risen to approximately **$15/mmBtu**, despite muted demand [4]. Storage Utilization and Targets - The report includes detailed figures on gas storage utilization levels across various EU countries, indicating current levels and targets for filling [16]. - The total EU storage level is currently at **49%**, with various countries having different intermediate and filling targets [16]. Additional Important Insights - The report emphasizes the challenges of storage injection over the summer due to lower current storage levels, necessitating increased LNG imports [2]. - The potential for voluntary storage targets among EU countries could mitigate forced buying impacts during the summer [4]. - The report highlights the ongoing volatility in oil and natural gas prices as a risk factor for investment in the sector [20]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and outlook of the gas industry in both Europe and the US.